NIFTY Outlook for the week ending 01-OCT-26 looks Bearish

Nifty 50 closed the week at 22,421.95, down 3.10% (-719 points), extending its losing streak to an unprecedented eighth consecutive week. A massive surge in Middle East tensions, spikes in Brent crude prices past $108/barrel, and aggressive Foreign Institutional Investor (FII) dumping pushed the index decisively below its primary moving averages. Nifty is trading below all its short term and medium term Exponential Moving Averages. Nifty has broken below its 200 day Exponential Moving Average of 22380 levels but failed to close below it on the weekly basis. Thus, the 200 day Exponential Moving Average will act as the Immideate support and we may see more downside if Nifty closes below 200 day Exponential Moving Average on weekly charts. The Weekly RSI 14 on the weekly charts is at 31.06 and has still not entered the oversold territory. Thus, RSI 14 indicates that the down trend might continue. Nifty has still not broken the previous swing low of 22,182.55. Thus 22350 would act as the immideate support and 22150 would act as the support 2. Weekly Top Gainers : KOTAK BANK, AXISBANK, INFY.